1. MONTANA
FTB-P
Clear Form
Rev. 07-08
2008 First-time Home Buyer Savings Account
Penalty Calculation
For Self-Administered Individual Accounts
15-63-203, MCA
Taxpayer Information
Your name __________________________________Social Security Number __________________
Account Information
Your first-time home buyer savings account number_______________________________________
Financial institution where your account is held __________________________________________
Mailing address of your financial institution ______________________________________________
______________________________________________
______________________________________________
If you have a first-time home buyer account, you have to file your Montana income tax return using
Form 2. All non-qualifying withdrawals from your self-administered first-time home buyers account
(FTB) have to be included as income on Form 2, Schedule I, line 8.
If you made withdrawals from your first-time home buyer account that were not used for the purchase
of your first home, including withdrawals made on the last business day of the tax year, you have
to complete the worksheet below. Nonqualifying withdrawals, other than those made on the last
business day of the tax year, are subject to a 10% penalty.
1. Enter the total from column E of your Montana Form FTB. This amount also has
to be reported on Form 2, Schedule I, line 8. ............................................................. 1. _________
2. Enter withdrawals that you included in column E of Form FTB that were made on
the last business day in December 2008. .................................................................. 2. _________
3. Subtract the amount on line 2 from the amount on line 1 and enter result. ............... 3. _________
4. Multiply the amount on line 3 by 10% (0.10). This is your penalty. Enter this
amount on Form 2, line 66 and write “FTB” in the space provided. ........................... 4. _________
When you file your Montana income tax return electronically, you represent that you have retained all documents
required as a tax record and that you will provide a copy to the department upon request.
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